Government schemes to help you buy a home sooner

An overview of incentives assisting essential workers get on the property ladder.

  • 7 October 2021

    Dream of buying your own place but struggling to pull a deposit together? With cost of living pressures and high property prices, buying your own place can sometimes feel like a bit of a stretch. 

    The good news is there’s help available to get your home ownership dreams off the ground sooner. 

    Home Guarantee Scheme

    The Home Guarantee Scheme (HGS) is an Australian Government initiative to support eligible home buyers purchase a home sooner. The Scheme is administered by the National Housing Finance and Investment Corporation (NHFIC). 

    There are two schemes available under the HGS:

    The First Home Guarantee Scheme (FHGS)

    The purpose of the First Home Guarantee (FHBG) is to support eligible first home buyers to enter the housing market sooner. 

    It does this by allowing NHFIC to issue up to 35,000 guarantees each financial year from 2022-23 for eligible loans to first home buyers with a deposit of between 5 and 20 per cent of the property value. But with FHGS, the government ‘guarantees’ your loan which means you can secure a home loan with a very low minimum deposit without being slugged with LMI costs.

    What kind of place can I buy?

    You can buy a new or existing residential property - an existing house, townhouse or apartment, a house and land package or an apartment or townhouse off the plan.

    How much can the property be worth?

    Property price caps apply based on where a property’s located with different price caps for capital cities and large regional centres versus other regional areas.

    Can anyone apply for the scheme?

    You must be a first home buyer over 18 years old, an Australian citizen and intend to live in the property. Also, your income can’t be more than $125k for singles and $200k for couples for the previous financial year.

    Are there a limited number of places?

    Yes, there are limited places nationwide so don’t miss out! As one of a select group of lenders offering the scheme to borrowers, we’re thrilled to be giving firies and emergency services workers the chance to buy their first home sooner.

    Make an enquiry

    More links and tools:

    The Family Home Guarantee

    This federal government initiative helps single parents (with at least one dependent child) buy a family home sooner with as little as 2% deposit and no Lenders Mortgage Insurance. Unlike the FHGS, the Family Home Guarantee is available to all eligible single parents regardless of whether they’re a first home buyer or a previous home owner.

    What type of place can I buy?

    You can use the FHG to buy a new or existing residential property.

    How much can the property be worth? 

    The same price caps that apply to the First Home Guarantee Scheme apply to the Family Home Guarantee.

    Who can apply for the FHG?

    To be eligible for the scheme you need to be an Australian citizen over 18 years old and a single parent with at least one dependent child, plus you must intend to live in the property. Your income can’t be more than $125k for the previous financial year, but that cap doesn’t include child support payments.

    Are there a limited number of places?

    Yes places are limited for the Family Home Guarantee so enquire about how you can secure a place.

    Firefighters Mutual Bank is really proud to be one of a select group of lenders helping single parents buy their own home sooner with the FHG, but places are limited so don’t miss out!

    Ask us about the FHG today

    More links and tools:

    State Government Grants

    Eligible borrowers may be able to use these guarantees with other assistance programs like state and territory first home owner grants and stamp duty concessions. Visit your state or territory government website for more information and eligibility criteria.

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